Throughout 2023, cryptocurrency investors have become somewhat immune to the boring movements of the market. Bitcoin (BTC) has not been moving in the expected direction for a while and upward attempts have failed. However, the situation has not changed for those who have bullish expectations.
Cryptocurrency Whale Continues Investments
MicroStrategy, led by Michael Saylor, one of the biggest whales in the cryptocurrency market, has millions of dollars in Bitcoin reserves. The company continues to make new purchases even at current prices. After a series of previous large purchases, Saylor’s company preferred to capitalize on this decline.
MicroStrategy purchased an additional 2,138 BTC worth $209 million, buying Bitcoin at an average price of $97,837. This purchase brings the company’s total Bitcoin reserves to 446,400 BTC, worth $27.9 billion. This amount is very close to the reserves of BlackRock’s IBIT fund.
We observe that there is a decrease in the BTC price with every purchase announcement by MicroStrategy. A similar situation was encountered today; After Saylor's share, the Bitcoin price, approaching $ 94,000, moved towards lower levels. However, considering past experiences, this decline is not expected to last long and Bitcoin is expected to recover.
